When: Today, Thursday, September 1st at 2:56PM ET
Where: CNBC's "Street Signs"
Following is the unofficial transcript of breaking news from CNBC's Gary Kaminsky. All references must be sourced to CNBC.
BRIAN SULLIVAN: ALL RIGHT WE'VE GOT SOME BREAKING NEW DEVELOPMENTS IN THE METS FINANCIAL SITUATION. CNBC'S GARY KAMINSKY ON THE NEWSLINE WITH DETAILS. GARY, WHAT ARE YOU DOING?
GARY KAMINSKY: HEY BRIAN, YEAH THE NEVER-ENDING SOAP OPERA. YEAH, YOU KNOW AFTER YOU AND I BROKE SET THIS AFTERNOON, AFTER I LEFT, I DID HAVE AN OPPORTUNITY TO SPEAK WITH SOMEBODY VERY CLOSE TO THE WILPON FAMILY AND IT SOUNDS AS THOUGH WHAT THEY ARE GOING TO TRY TO DO HERE IS IN FACT GO AHEAD WITH SELLING THOSE LIMITED PARTNERSHIP INTERESTS. I'M TOLD THAT THEY ARE LOOKING TO SELL 10, $20 MILLION LIMITED PARTNERSHIP INTERESTS IN THE TEAM. GET THE $20 MILLION WHICH WOULD BE A TOTAL OF $200 MILLION IN NOW. THE INTERESTING ASPECT OF THIS IS, AS DISCUSSED TODAY, THIS WOULD BE SOMEWHAT OF A TROPHY PROPERTY FOR THOSE THAT WANT TO PARTICIPATE. YOU DO GET ACCESS TO SOME THINGS LIKE AN OWNERS BOX AND YOU WOULD BE ABLE TO SAY YOU OWN A PIECE OF THE TEAM BUT IMPORTANTLY THIS PIECE OF PAPER WOULD BE A PREFERRED EQUITY IN THE CAPITAL STRUCTURE AND THERE WOULD BE NO CAPITAL CALLS FOR A PERIOD OF 5-6 YEARS SO YOU WON'T HAVE TO ABSORB LOSSES. WHICH BRIAN, I THINK THAT SOME PEOPLE MAY SAY THAT THEY THINK, IF YOU WANT TO READ INTO THAT, THEY FEEL FAVORABLE THEY THINK THEY ARE IN A GOOD POSITION GIVEN THE ONGOING CLAIMS WITH THE MADOFF PROBLEM SO YOU COULD LOOK AT IT THAT WAY. THE BOTTOM LINE HERE IT SOUNDS AS THOUGH THAT'S THE INTEREST THAT'S THE WAY THIS DEAL IS GOING TO GO. I AM TOLD THEY ARE GOING TO START TO MARKET THIS RIGHT AFTER LABOR DAY.
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